TLDR
- Opendoor CEO Kaz Nejatian confirmed plans to accept Bitcoin payments for home purchases after a user question on X
- OPEN stock jumped 14% to $9.28 on October 6, with shares up 480% year-to-date following the announcement
- New leadership team includes CEO Nejatian from Shopify and returning co-founders Keith Rabois and Eric Wu
- Hedge fund manager Eric Jackson sees Opendoor playing a key role in thawing the frozen housing market through quick cash offers
- Company reported $1.6 billion in revenue and first positive EBITDA in three years during Q2 2025
Opendoor Technologies made waves over the weekend when CEO Kaz Nejatian confirmed the company will accept Bitcoin for home purchases. The announcement came in response to a user question on X about enabling cryptocurrency payments.
“We will. Just need to prioritize it,” Nejatian wrote. The response suggests the feature won’t launch immediately but confirms the company’s direction on cryptocurrency integration.
Shares rose 14.4% to $9.28 on October 6 following the statement. The stock has surged 480% year-to-date, making it a favorite among traders looking for growth plays.
The timing aligns with Bitcoin hitting new record highs over the weekend. The cryptocurrency’s price rally has sparked fresh interest from businesses exploring digital payment options.
Day 50.
There’s a five in front of the number now. Fifty straight days out here at Drake’s house — and at least the markets are booming.$OPEN ripped +15% yesterday on massive volume.
These aren’t trades — they’re 100-bagger commitments.
You fund them, walk away, and let time +… pic.twitter.com/i3fqXDvrr8— Eric Jackson (@ericjackson) October 7, 2025
New Leadership Driving Strategic Shifts
The company underwent a leadership overhaul in September with Nejatian’s appointment as CEO. He previously served as chief operating officer at Shopify, bringing e-commerce expertise to the real estate platform.
Co-founders Keith Rabois and Eric Wu returned to leadership as board chair and director. Both have been active on social media discussing company plans and strategy.
The new team brings a focus on operational efficiency and disciplined growth. This leadership change comes as OPEN stock has rallied over 1,300% since early July, peaking at $10.52 on September 11.
Hedge fund manager Eric Jackson sparked much of the initial rally when he revealed his position in July. Jackson told Business Insider he sees the entire housing market shifting in a direction that benefits Opendoor.
Jackson’s bullish stance depends on the Federal Reserve continuing to lower interest rates. He argues the 6%-7% range for 30-year mortgages isn’t sustainable long-term.
“That’s not normal,” Jackson stated. “I think we are due for reversion.”
Opendoor operates as an iBuyer, buying homes and renovating them before reselling to consumers. The model allows the company to manage transactions internally, making Bitcoin conversion to US dollars possible without requiring sellers to handle crypto directly.
Jackson sees opportunity in serving homeowners who need to sell quickly. The market has been tough for buyers, but sellers face challenges navigating transactions too.
The platform offers both cash offers and traditional listing services. This optionality gives sellers flexibility based on their timeline and needs.
“Some people are in a distressed situation and they need to be able to monetize their house quickly,” Jackson said. The goal is offering liquidity within three days of accepting an offer.
Financial Performance Shows Improvement
Opendoor reported $1.6 billion in revenue in the second quarter of 2025. The company marked its first positive EBITDA in three years during this period.
Net loss dropped to $29 million from $92 million the previous year. The company has cut costs while working toward profitability.
This capital-intensive model struggles during high interest rate periods. Most competitors have exited the iBuyer space, leaving Opendoor as one of few companies still pursuing this strategy.
Management launched a new agent partnership program where agents use Opendoor’s platform to find customers. The company takes a cut of sales through this arrangement.
Early results show promise. Twice as many customers reach final cash offers, and they receive them faster than before.
The program is expanding to all Opendoor markets. Management sees partnerships as a way to grow without taking on additional risk.
Jackson thinks both Opendoor and Better Home & Finance, where he also holds a position, have an advantage due to their ability to speed up transactions. He said using their services could help lower costs, specifically commissions paid to real estate agents.
He also thinks Gen Z would benefit from Opendoor’s expanded market share. Economists note the trend of dwindling first-time home buyers could impact other areas of the economy.
Jackson thinks tech-forward companies are poised to change how houses are bought and sold. His goal for Opendoor is reaching 10% of all real estate transaction volume.
Existing home sales rose 1.8% year-over-year in August according to the National Association of Realtors. Median home prices increased 2% over the same period.
The Federal Reserve has begun cutting interest rates, potentially improving real estate market conditions. Data from Propy shows over $4 billion in real estate deals completed on-chain since 2017.
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